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This announcement comes after the team was the only team selected in June this year for the submission of a final bid for the airport concession.

The firms will set-up a concessionaire company to enter into a project agreement with NKIAC by the end of 2015. ORIX and VINCI will have the same shareholdings (40% each), and minority shareholder companies from the Kansai region will hold 20% overall.

The wining consortium is scheduled to begin operating the airports by March 2016. ORIX and VINCI Airports will now work closely with NKIAC, the airports' employees, business partners and the local communities to outline the forthcoming plans and processes, and get feedback from these stakeholders who will be crucial to the operations of the airports in the future.

Together, the Kansai and Osaka international airports, had a total of 34.6 million passengers in fiscal year 2014-2015, which represents the second busiest airport group in Japan. The growth in traffic last year (+7.4%) has been supported by the excellent results of tourism in Japan and the development of the low-cost carriers for which the Kansai International Airport is the main hub in the country.

Kansai International Airport is Located on an artificial island in the middle of Osaka Bay, 38 km southwest of ?saka Station, located within three municipalities, including Izumisano, Sennan and Tajiri. The airport was opened on 4 September 1994 to handle increasing passenger numbers at Osaka International Airport, which is closer to the city of Osaka and now handles only domestic flights. The airport serves as a hub for local airlines such as All Nippon Airways, Japan Airlines and Nippon Cargo Airlines.

Osaka International Airport s the primary domestic airport for the Kansai region of Japan, including the major cities of Osaka, Kyoto, and Kobe. It is classified as a first class airport. Kansai International Airport took over Osaka's international traffic in 1994 and competes with Itami for domestic traffic.

The total funding plan of the concessionaire company is JPY260 billion (US$2.1 billion) of which JPY80 billion (US$648.7 million) shall be paid out of shareholders contributions.